During the past week, demand in the Turkish domestic cold rolled coil (CRC) market has slowed down due to ongoing liquidity problems, the declines seen in global iron ore prices until the middle of this week and also due to the approach of the Feast of Sacrifice holiday (Aug. 31-Sept. 4). Market sources state that buyers are expected to resume their CRC bookings after the holiday and to monitor the market until then. Meanwhile, Turkish mills have increased their CRC prices by $50/mt week on week to $680-700/mt ex-works, as their order books are fairly full as a result of their bookings concluded in previous weeks and in line with the uptrend of hot rolled coil (HRC) prices.
Meanwhile, Turkish traders’ CRC prices in the local Turkish spot market have increased by $30/mt week on week to the following levels:
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
0.6 mm CRC |
720-740 |
730-760 |
|
0.7-2 mm CRC |
690-710 |
700-730 |
The offers are on ex-warehouse basis, for August delivery, and exclude 18 percent VAT.